Import QIF files generated from Quicken 2004

powell_com1's Avatar

powell_com1

26 Feb, 2021 10:09 PM

I exported my Quicken database to a .QIF file. Unfortunately, all the amounts were incorrect. For the most part, it appears that debits and credits may have been reversed. Bank accounts showed incorrect and most often negative balances where they should have been positive. Is there a way to rectify this?

  1. 1 Posted by dwg on 26 Feb, 2021 11:54 PM

    dwg's Avatar

    I'm a fellow user.

    Many QIF files do not include a transaction for the initial balance. It is usually necessary in Moneydance therefore to use the Initial balance field on the Account Info form to enter this balance. Once that has been done we really do not see too many problems with QIF imports into Bank type accounts.

  2. 2 Posted by derekkent23 on 27 Feb, 2021 07:46 AM

    derekkent23's Avatar

    I am not support staff, just a user.
    Hi Alan

    To add to dwg comments the following notes may help.

    Make sure you are running this build of Moneydance https://infinitekind.com/preview

    You need to use Quicken to export your data in a QIF file type. Ensure any closed account that have transfers to any open accounts are included in the QIF file, re-open these accounts if necessary. Export everything Quicken export will allow.

    Open the QIF file in a text editor. You are looking for the date format used in the file e.g. D25/03'2019 Day Month Year or D5/ 17'19 or D05/31/2017 Month Day Year etc. You will need this information later. If you get this wrong it will be apparent as the dates in Moneydance will be all over the place and you will need to start again creating a new data set.

    QIF files were never meant for transferring data from one program to another, but it’s all that is available, you will need to spend time cleaning thing up when import is complete.

    When you first start Moneydance it opens in the Welcome window click on “Create a new account set”. If you have opened Moneydance before create a new data set under FILE (MONEYDANCE on Mac) – NEW.

    Select “Create New File” (Data Set) and click NEXT. Type in an Account Set Name (Data Set) and click NEXT. Change Primary Currency (base currency), if required. File Type, leave at “Standard Account set”, click FINISH.

    In the Side Bar (list on left) under BANK deleted the two default Bank accounts, highlighting them in turn and using ACCOUNT – DELETE ACCOUNT.

    NOTE: If you have accounts with currencies that are not in your base currency (foreign currencies) perform the steps under NOTE 1 before importing your QIF file as follows.

    Drag and dropped the QIF file into the Side Bar (list on left).
    Wait for the Analyzing data window to close, this can take a few minutes. Nothing may appear to happen until the Import window opens.

    IMPORTANT: Checked all listed accounts are of the correct type and currency and changed if required.

    The “Date Format” should be set to the date format used in the QIF file not the date format you want to use in Moneydance. Select the correct Decimal Character. Later Builds of Moneydance may also include a Text Encoding dropdown, leave at default selection.

    Click Import and wait, the process can take some time. Again, nothing may appear to be happening until the process is complete, indicated by the Merging data window closing.

    Some or all of the accounts maybe hidden in the Side Bar, list on left. To make accounts visible click the “+” at the bottom of the Side Bar, then Advanced, then OK.

    Any accounts that are inactive (closed) should be made inactive. This will remove them from the Summary Page, two columns on the right, in the Account Section as well as from reports. There are two methods to accomplish this:
    1. By highlighting the account in the Side Bar and clicking ACCOUNT – EDIT ACCOUNT and ticking the inactive box – OK.
    2. Click TOOLS – ACCOUNTS and in the windows that opens double click on the Account Name and in the window that opens tick the inactive box - OK. In the list of Account names Accounts in lighter text are inactive. After make the required changes click DONE.

    To remove Accounts from the Side Bar, right click and select REMOVE FROM SIDE BAR.
    You can also click the “+” button at the bottom of the Side Bar, click Advance then use the Advance window to determine which items are visible in the Side Bar.

    On the Summary Page, two columns on right, if you have Investment Securities they will be shown in a section STOCK PRICES. This may include securities in which you no longer have holdings. To remove these from the list double click on Security Name – EDIT and then untick SHOW ON SUMMARY PAGE box – OK - X

    Some QIF files don’t include initial account balances. If you think this is the case you can add initial balance to affected accounts as follows.
    Highlighting an account, then click ACCOUNT – EDIT ACCOUNT and add an Initial Balance.

    For investment accounts QIF file don’t always carry security prices other than buy sell prices, so investment account balances maybe wrong until you update with current security prices.

    Reminder are not included in QIF files.

    Now the real work starts to check balances and tidy thing up. This is especially true of investment accounts as not all action types are supported. But worth it in the end.

    For information on how to use Moneydance see https://infinitekind.tenderapp.com/kb

    Note 1: This section only applies if you have accounts with currencies that are not in your base currency. For these currencies ensure “Show on summary page” box is ticked under TOOLS – CURRENCIES – highlight subject currency and double click – EDIT.
    Note: QIF file do not contain exchange rates. To overcome this QIF file shortcoming the Currency/Security History window must have current and dated exchange rates filled in which cover the date range of transactions in non-base currency account. As well as manually adding exchange rates you can import CSV exchange rate files downloaded from sites on the web. Use IMPORT button in the Currency/Security History window. If you have investment account their balances will probably be incorrect. This is due to the fact that the currency set in the security history windows will be in the Moneydance base currency. You can change to the correct security currency and provided exchange rates exist the values will be converted. As you do this re-calculation occurs, but I think the results should to be correct. No guarantees the section will work correctly.

    Hope this helps.

  3. 3 Posted by powell_com1 on 06 Mar, 2021 09:00 PM

    powell_com1's Avatar

    Thank you. That cleared up the problems with my bank account files.

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